European Tariffs on Chinese EVs: A WTO Backed Decision

The European Union has imposed tariffs of up to 45.3% on Chinese electric vehicles following a year-long investigation. These tariffs are grounded in World Trade Organization rules. The key concern is whether European industries can compete with Chinese manufacturers in the coming years, according to Renault's CEO Luca de Meo.

The European Union has ramped up tariffs on imported Chinese electric vehicles, a move backed by the World Trade Organization's regulations. Luca de Meo, CEO of Renault, confirmed these duties, which could reach as high as 45.3% following a protracted investigation.

This tariff decision arrives amid growing pressures on European manufacturers to maintain competitiveness in the burgeoning electric vehicle market. Industry analysts say this is a strategic attempt to level the playing field, given the aggressive pricing of Chinese EVs.

While addressing reporters during a plant visit, de Meo emphasized the challenges facing European automakers, questioning their ability to vie against Chinese firms over the next five years.

(With inputs from agencies.)